Yes, the GDPR is a good thing for your business - PrivIQ

There’s been a lot of FUD around the GDPR – Fear about what it’s going to cost to become compliant and what it’ll cost you in fines if you don’t, Uncertainty about how it applies to your particular organisation and how to go about becoming compliant, and Doubt about whether, after all this expense and trouble, it’s going to be of any benefit to your business.

It’s true that consultants cost a lot because they’re in high demand, and yes, because the GDPR offers guidelines rather than prescriptive rules about how to structure your data collection, storage and processing systems, you do need to put a lot of effort into devising appropriate methods that make your business accountable.

So how can it possibly be that the GDPR is a good thing?

From an individual perspective it’s easy to see. We’ll all be relieved when finally there are regulations to make companies responsible custodians of our personal data. As a parent and a consumer these things feel extremely important.

From a business perspective, it’s a bit harder, but still pretty easy to see that if individuals come to expect companies to protect and use their data responsibility, then the reputational damage of not doing so will become great.

Become a good custodian of personal data

For marketers to earn and maintain a good reputation as custodians of personal data, they’ll need to do two things:

1. focus on delivering private, personalised experiences using first-party data, which has been received via direct interactions with their organisation and is therefore authentic.
2. reduce reliance on third-party data, which is less valuable than first-party data, in order to carry out more accurate, relevant and personalised marketing.

Make better use of personal data

Marketers will also be able to use the data inventory and mapping exercises required under the GDPR to improve their understanding of the data they have to:

• ensure it’s the data their organisation needs to accomplish its goals, and
• better plan and explain their budgetary needs, which will help with marketing funding.
• make sure permissions are correct and systems are streamlined.

GDPR365’s data mapping tools, for example, help you understand the personal data flows in your business that are critical to compliance and improving your business.

Create value for your business

Better personal data and better personal data sources create more value. When you understand how things stand with your data, you can make more effective use of it. Also, by understanding exactly where you’re getting your data, you can reduce duplication and focus on increasing the quality of the data and the efficiency of your data collection, storage and sharing systems.

So despite the costs and perceived complexities of becoming GDPR compliant the exercise really shouldn’t be seen as a burden. Compliance can be used as an opportunity to increase your productivity, and enhance your brand’s reputation.